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House approves bill to require RDAs to report and return unused affordable-housing tax increment funds
Summary
House Bill 12 would require redevelopment agencies to report tax-increment funds earmarked for affordable housing; after two years of nonreporting funds could be reduced (20%) and ultimately default to the state low-income housing fund.
House Bill 12, introduced by Representative Dunnegan, responds to an auditor report that found some redevelopment agencies (RDAs) held tax-increment financing (TIF) balances intended for affordable housing that had not been spent.
Dunnegan described the bill as implementing the auditor's recommendations to increase transparency and ensure money designated for low-income housing is used. "If the redevelopment agency has money…
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